Executives of Aditya Birla Money visited me in Jun 2010 and explained to me the advantages of joining their Option Maxima scheme wherein clients could make a profit of 0.5 to 1.5% of their investments. I decided to join their Options Maxima scheme in Aug 2010 and trading was started 0n 17 Aug 2010. I invested my entire portfolio of about Rs 125 lakhs. Though I was invited to join their Options Maxima scheme, they did not enroll me under that scheme. Instead they strated trading in Nifty Optons under a different scheme.

In Sep 2010 heavy losses were incurred by the Company in the trading account of all its clients because of the reckless trading strategy adopted by the Company. While they owned responsibility for losses in case of some clients, they refuse to reimburse the loss in my case. I am told that I have not been enrolled under Options Maxima scheme and they decided to reimburse the losses in case of clients who had joined Options Maxima scheme. When I was asked to join the Nifty Trading, I was explained only about Options Maxima scheme and I completed all the requires paperwork to join Options Maxima scheme.

When the Company started trading in Nifty Options in my account, I was not informed that I was not enrolled under Options Maxima scheme. They were trading in Nifty Options under a different scheme. I was not told about the existence of two types of trading in Nifty Options. All the trades were planned and executed by the Company in my trading account. Heavy loss was incurred in the short span of time from 17 Aug 2010 when they started trading in my trading account till 27 Sep 2010 when the Company suddenly stopped all trading activities.

Only on 15 Nov 2011, I was told that I was not enrolled under Options Maxima scheme. They have sold my shares and taken Rs 15,78,289.68. This heavy loss in a short span of time from 17 Aug 2010 to 27 Sep 010, was incurred in my trading account only because of the trading decisions taken by the Company.

Nuggihally Ramaprasad
Malleswaram, Bangalore 560003, Karnataka
Email: nrrprasad@gmail.com
Contact No.: +919844137040
IP: / August 19, 2012 / 8:49 pm

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